Over the past few months, Apple's stock value has been on a wild rollercoaster ride. AAPL crossed the $500/share threshold in early February, and passed by $600/share in March. The stock peaked at $644/share earlier this month, but has since plummeted back down to around $560/share (at market close today).

During Q1, Apple released its third generation iPad, which once again proved to be a sales blockbuster, breaking previous records set by the iPad 2. The company also released a revamped Apple TV during the quarter, but Apple’s “hobby” doesn’t exactly set enthusiasts’ hearts ablaze.

With that in mind, Apple today released its fiscal Q2 earnings report. The company reported revenue of $39.2 billion versus Wall Street estimates of $36.81 billion. Net profit rang in at $11.6 billion while earnings per share (EPS) came in at $12.10 versus a consensus of $10.04.

When it comes to device sales, the Cupertino, California-based company saw iPhone sales of 35.1 million (88 percent year-over year growth) -- during Q1, AT&T and Verizon alone activated 4.3 million and 3.2 million iPhones respectively. When it comes to the iPad, Apple recorded the sale of 11.8 million units.

Apple’s Mac business saw a seven percent year-over-year increase to 4 million units. On the other hand, Apple’s once red hot iPod business saw a 15 percent year-over-year decline to 7.7 million units.

“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Apple CEO Tim Cook. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

AAPL is up over 6 percent in after hours trading to $598.

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Apple sold just over 50 million iOS devices in the post holiday quarter. That means that Apple will almost certainly sell over 250 million iOS devices in the next year and hit an installed base of around a billion iOS devices sometime in the next three to four years.

If Apple can sustain the growth rate it has achieved over the last few years for just another two or three then it will be three or possibly four times as big as it is now and will dwarf all other tech companies by an order of magnitude.

Apple has to thank HP for getting me to buy an iPad. I had the $100 Touchpad and saw that it was pretty good, but didnt have any apps. I eventually wanted a real tablet with apps, so I gave my HP touchpad to a family member and got me the new iPad.

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